The gross revenue growth of Philippine industries contracted by 12.4 percent in the fourth quarter of 2020 from the 3.20-percent growth in the same period last year, the Philippine Statistics Authority (PSA) reported on Thursday.
The PSA said that among industries, other services recorded the largest decline of 32.1 percent.
This was followed by declines in transportation, storage and communication, -29.6 percent; real estate, -27.3 percent; and electricity, gas and water supply, -10.9 percent.
Total employment index also declined by 10.3 percent during the period.
“Transportation, storage and communication recorded the largest downturn of -23.6 percent. This was followed by declines in other services with -18.3 percent; trade with -9.8 percent; and real estate with -3.7 percent,” said the PSA.
Furthermore, the PSA said the compensation index went down by 8.7 percent.
Construction had the biggest drop of -27.1 percent.
Other industries contributing to the decline include transportation, storage and communication; -25.2 percent; other services, -15.7 percent; and trade with -8.1 percent.